Chap017 - Chapter 17 Completing the Audit Engagement...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 17 - Completing the Audit Engagement Chapter 17 Completing the Audit Engagement Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems LO 1 : Be able to explain the audit issues related to contingent liabilities. 1 13 22 29 31 LO 2: Know the audit procedures used to identify contingent liabilities. 13 22,28 29 LO 3: Understand the audit issues related to a legal letter. 2 14 22,23,28 29 ACL LO 4 : Be able to explain why the auditor must be concerned with commitments. 3 LO 5: Know the types of subsequent events. 4,5 24,25 32 LO 6 : Understand the effect of subsequent events on the dating of the audit report. 5 15 25 LO 7: Know the audit procedures used to identify subsequent events. 16 24,25,28 LO 8 : Know the audit steps included in the auditor’s final evidential evaluation process. 6,7,8 17 26,27,28 30 LO 9: Be able to explain how auditors identify and assess going concern problems. 9,10 18 LO 10: Understand the auditor’s communication with management and those charged with governance and the matters that should be addressed. 11 19, 20 28 LO 11: Know the auditor’s responsibility for subsequent discovery of facts existing at the date of the auditor’s report. 12 21 17-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chapter 17 - Completing the Audit Engagement END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 17-1 Unchanged 17-1 17-2 Revised 17-2 17-3 Unchanged 17-3 17-4 Revised 17-4 17-5 Unchanged 17-5 17-6 Unchanged 17-6 17-7 Unchanged 17-7 17-8 Unchanged 17-8 17-9 Unchanged 17-9 17-10 Unchanged 17-10 17-11 Unchanged 17-11 17-12 Unchanged 17-12 17-13 Revised 17-13 17-14 Unchanged 17-14 17-15 Revised 17-15 17-16 Unchanged 17-16 17-17 Revised 17-17 17-19 Revised 17-18 17-18 Revised 17-19 17-20 Revised 17-20 17-21 Revised 17-21 17-22 Unchanged 17-22 17-23 Unchanged 17-23 17-24 Unchanged 17-24 17-25 Unchanged 17-25 17-26 Unchanged 17-26 17-27 Unchanged 17-27 17-28 Revised 17-28 17-29 Unchanged 17-29 17-30 Revised 17-30 17-31 Replaced 17-31 17-32 Unchanged 17-32 17-2
Background image of page 2
Chapter 17 - Completing the Audit Engagement Chapter 17 contains a number of important topics that are related to the completion of the engagement. These include: Review for contingent liabilities Commitments Review for subsequent events Final evidential evaluation processes Communications with the audit committee and management Subsequent discovery of facts existing at the date of the auditor's report We cover each of these topics in detail. [LO 1] Review for Contingent Liabilities When discussing contingent liabilities, we cover the following items: FASB ASC Topic 450, “Contingencies,” categories for accounting for contingencies (probable, reasonably possible, and remote) Examples of contingent liabilities and disclosure include: o Pending or threatened litigation o Actual or possible claims and assessments o Income tax disputes o Product warranties or defects
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/05/2011 for the course ACC 311 taught by Professor Hogwarts during the Spring '11 term at Michigan State University.

Page1 / 7

Chap017 - Chapter 17 Completing the Audit Engagement...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online